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Labor group files complaint against Anbang Insurance

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Labor group files complaint against Anbang Insurance

A U.S. labor union group has filed a complaint against Anbang Insurance Group and three of its hotel operators, saying the China-based insurer failed to provide information about its ownership and sources of financing.

FILE PHOTO: The headquarters building of Anbang Insurance Group are pictured in Beijing, China, August 25, 2016. REUTERS/Jason Lee/File Photo

11 Aug 2017 01:15AM

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REUTERS: A U.S. labor union group has filed a complaint against Anbang Insurance Group and three of its hotel operators, saying the China-based insurer failed to provide information about its ownership and sources of financing.

Unite Here had in May sought information on ownership and documents related to a plan to convert hotel rooms into condominiums from the owner of the Waldorf Astoria hotel in New York. http://reut.rs/2fvvHmn

Anbang did not provide information responsive to the request, the labor union that represents 270,000 working people across Canada and the United States said in a statement on Thursday. http://bit.ly/2fvzY9m

The complaint, filed with the National Labor Relations Board, comes at a time when Anbang is facing pressure from the Chinese government to sell its overseas assets, Bloomberg reported late July. http://reut.rs/2hNIeSL

China has been urging local firms to be cautious about offshore deals. In June, Chinese banking regulators ordered banks to scrutinize loans to Anbang and other Chinese conglomerates such as HNA Group , Dalian Wanda Group and Fosun International Ltd , all of which have made major investments abroad.

Unite Here also called on Anbang to guarantee workers would not be fired in case the company sells it assets.

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